Why Teck Resources Stock Leaped 20% Higher Today
The market loved that reaction, as it collectively sent Teck's share price almost 20% higher on the day. The proposal came from Teck's global peer Glencore (OTC: GLNCY), which offered to acquire the Canadian company and split its operations into two separate businesses. Glencore's all-stock bid is for 7.78 of its shares for each Teck Class B share (a nonvoting class), and 12.73 Glencore shares per Teck common share.